USD/JPY makes a run for it, trading at highest level in almost two weeks
Yen pairs are getting a lift as the JPY continues to decline further on the day. USD/JPY is now at a session high of 107.14 — highest since 1 March, with EUR/JPY also cracking the 132.00 level mentioned earlier here.
Against the dollar, the yen is currently down 0.67% or 88 pips from the lows so far in the session. EUR/JPY is also making good strides now up to 132.17 as I type this and USD/JPY is now even higher to 107.21.
The decline in the yen is in tandem with the movement in the S&P 500 futures, which has been on the up since the Asian session as well and is also trading at the highs for the day. Just look at the intraday chart:
With all the excitement behind the move so far, it’s best to be reminded that we still have the US CPI report to come later in the day and that could put a wet blanket on the move in equities. But as mentioned earlier, if we do get a miss on inflation then there’s reason for equity investors to continue to believe in the Goldilocks story from last Friday’s jobs report.